Eisai Co., Ltd.

Strong Q3 performance, driven almost entirely by organic growth (record Q3 revenue) - Revenue: JPY 619.9bn, +3.1% YoY (CFO emphasized it was a record high third-quarter). - Operating profit (OP): JPY 54.5bn, down YoY mainly due to absence of temporary/onetime profit from out-licensing this fiscal year. - “Good news”: CFO/COO both stressed OP is increasingly supported by organic business—organic profit contribution roughly doubled vs. prior year’s same period. - Margin dynamics: gross margin largely stable; cost of sales ratio 22.5% slightly higher (explained by mix changes and prior-year out-licensing gains that don’t recur).

Full-year forecast maintained (despite uncertainties), with Q4 cost headwinds - Company maintains guidance for FY2025: - Revenue: JPY 790bn - Operating profit: JPY 54.5bn - CFO highlighted Q4 spending plans and costs not fully reflected yet: - Structural reform costs in EMEA (expected in Q4). - Additional R&D allocation to next-generation key programs (e.g., anti-Tau antibody etalanetug, narcolepsy E2086). - Risk/uncertainty: revenue side includes potential volatility from partnership/out-licensing “one-time” items; management is intentionally not increasing guidance due to this.

“3Ls” momentum—3 flagship products underpin growth - Lenvima: JPY 258.1bn revenue, +4% YoY; growth across regions, with U.S. impact from IRA largely absorbed by demand. - DAYVIGO: JPY 47.7bn, +18% YoY; Japan absorbed a 14% drug price reduction yet delivered growth; management is confident about FY forecast of JPY 58bn. - LEQEMBI: JPY 61.8bn through first 3 quarters, +109% YoY (more than doubling). - Continued region-by-region strength: U.S., Japan, China, EMEA all growing (with China highlighted as accelerating access, including private market).